Karume’s Children to Sell 17% Stake of Sh 17.5💰 Bn Property Over Debts😓

  |   Kenya News

The family of the late former Minister Njenga Karume will sell 17 per cent stake of their late father's Sh17.5 billion property. The children want to raise Sh2.975 billion to pay debts after the Karume estate ran out of liquid cash. “The estate is rich in properties but it does not have the liquid money,” the spokesperson Stephen Karau said. The late Karume’s estate owes KRA and other creditors Sh350 million and Sh 2.62 billion respectively.

Among the products earmarked for sale include Village Inn hotel, 25 acres of Land in Elementaita and Kacheliba tea estate. "The decision to settle outstanding bills is part of the deal we signed in May this year binding us to a mediation process. This has led to the formation of the mediation council for the Njenga Karume estate,” Karume’s fifth daughter known as Jane told reporters.

The family, the trustee and executors were addressing journalist at a Nairobi hotel after they announced to settle the family battles outside the court. "The mediation council comprises of the ten generic families of Njenga, the trustees and executors,” Njenga Karume’s grandson Matu Njenga said. The Karume estate has been the subject of bitter wars between the trustees Karume appointed before his death in 2012 and his children. The trustees are George Warieri, Kung’u Gatabaki and Margaret Nduta Kamithi whom his children wanted to be replaced for allegedly mismanaging the estate.

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